secwatch.observer — SEC 8-K summary
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Issuer:     US ENERGY CORP (USEG)
CIK:        0000101594
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001437749-24-015701
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

U.S. Energy Corp reports Q1 net loss of $9.5M; revenue down 35% YoY
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- Net loss of $9.5M ($0.38/diluted share) vs net loss of $1.3M a year ago; includes $5.4M non-cash impairment.
- Revenue of $5.4M, down from $8.3M in Q1 2023 due to asset divestiture, weather downtime, and 8% lower realized prices.
- Production averaged 1,207 Boe/d; weather-related downtime of 125-150 Boe/d from East Texas/Gulf Coast flooding.
- Adjusted EBITDA fell to $0.2M from $1.2M; lease operating expense improved 28% to $3.2M ($29.02/Boe).
- Repurchased ~0.3M shares (1.5% of outstanding); ended Q1 with $2M cash, $5M debt, $17M liquidity.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/101594/000143774924015701/0001437749-24-015701-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/101594/000143774924015701/useg20240325_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-015701

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